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FEDERAL STIMULUS - FINANCIAL AID

 

Financial Aid Funding and Grants  Printer Friendly

   

American Opportunity Tax Credit

  Taxes

  The legislation replaces the Hope Tax Credit with a $2,500 credit for higher education expenses, including tuition and fees, books, and course materials. Forty percent of the tax credit is refundable to allow low-income families to benefit from the credit.

 

  Federal Appropriation:
$13,900,000,000 over 10 years
  Maryland Estimate: Contingent on tax filings
  ARRA Section: Title I(a)(I) §1004 
  Federal Agency: Internal Revenue Service
  State Agency: None
  Stimulus Websites: IRS Federal Stimulus News Release

 

 

Americorps

check.jpeg Competitive

  The Act includes $160 million for the AmeriCorps program. These grants will be awarded to eligible organizations to recruit, train, and manage AmeriCorps members who address community needs. The funds are available to current grantees to address critical community needs resulting from or exacerbated by the current economic crisis. Applicants must apply to the same entity to which they applied for their current AmeriCorps grants. The original closing date for the grant application is April 3, 2009.

 

  Federal Appropriation:
$89,000,000 additional
  Maryland Estimate: Contingent on awards granted
  ARRA Section: Title VIII
  Federal Agency: Americorps
  State Agency: None
  Stimulus Websites:

Americorps Stimulus Website

 

 

Federal Work Study

  Formula Funded

  The bill includes $200 million to increase the federal Work-Study Program. It is estimated that Maryland will receive an additional $3 million of this appropriation. These funds will be distributed to the Maryland State Department of Education, which has been tasked with administering these funds.

 

  Federal Appropriation:
$200,000,000
  Maryland Estimate: $3,000,000
  ARRA Section: Title IV
  Federal Agency: US Department of Education
  State Agency: Maryland State Department of Education
  Stimulus Websites:

US Department of Education Stimulus Website

US Department of Education Financial Aid Data Tables

Maryland State Department of Education (Press Release Only)

Work study data tables from the American Council on Education (PDF)

 

 

Pell Grants

  Formula Funded

  The bill includes $17 billion to increase the Pell Grant maximum award to $5,350 in fiscal 2009 and $5,550 in 2010, which will provide additional financial assistance to seven million recipients. It is estimated that Maryland will receive an additional $88 million in Pell Grant funds in fiscal 2009.

 

  Federal Appropriation:
$17,100,000,000
  Maryland Estimate: $88,159,680 (Fiscal 2009 Estimate)
  ARRA Section: Title IV and Title VIII
  Federal Agency: US Department of Education
  State Agency: None
  Stimulus Websites:

US Department of Education Stimulus Website

US Department of Education Financial Aid Data Tables

Pell grant data tables from the American Council on Education (PDF)